With less than a week to go until the US presidential election on November 5, the crypto user community has a place in this election. According to Triple A data, the proportion of the US population holding cryptocurrencies in 2024 is 15.5%, representing about 51 million Americans, which is more than the total population of African Americans (41.1 million) and second only to Hispanic Americans (about 57 million).
This is why cryptocurrency has become a focus in this US presidential election, with Trump constantly introducing crypto-friendly policies.
MEME coins are a manifestation of the attention economy, and are therefore closely tied to hot events, and the US presidential election is an excellent topic for speculation. So which coins have the potential for speculation and are worth watching?
Let's take a look with WOO X Research!
High Market Cap Coins: DOGE, People
$DOGE
The reason why the first MEME coin DOGE has joined the political color is inseparable from Musk's support for Trump.
On August 20, Musk tweeted that he wanted to create a "Department of Government Efficiency" (D.O.G.E), with the naming concept coming from the DOGE community's suggestion to Musk. Trump also responded that if elected, he would establish this department, conduct a comprehensive financial audit of the government, and propose to reduce waste. Therefore, the price performance of DOGE has also begun to be linked to the presidential election.
https://x.com/elonmusk/status/1825723913051000851
Current market cap: $25.5B
14-day price change: +48%
Upward momentum: Musk's post, Trump's promotion
$People
People is not centered on presidential candidates, but is a token issued by ConstitutionDAO.
ConstitutionDAO is a decentralized organization established in 2021, with the purpose of raising funds and bidding for a rare copy of the US Constitution at a Sotheby's auction, raising as much as 6,000 ETH, equivalent to about $40 million at the time.
At the same time, PEOPLE governance tokens were issued through the Juicebox blockchain platform, where investors could exchange 1 ETH for 1 million $PEOPLE. Token holders would not directly own the Constitution, but would have the power to govern the community. After successfully bidding on the Constitution, the DAO community would vote on how to handle this copy.
However, they were ultimately unsuccessful in the bidding, so ConstitutionDAO announced the termination of the project, and after handling the refund process, the community members also decided to dissolve the community, but some community members chose to retain the PEOPLE tokens exchanged for ETH and carry out other projects in the form of a DAO, which has also made $People a MEME coin.
MEME, full circulation, low market cap, plus the natural political attributes of the Constitution, have become the driving force for the rise of People.
Current market cap: $386M
14-day price change: -7.6%
Upward momentum: Highly correlated with the timeline of the presidential election
Low Market Cap Coins: MAGA, KAMA
$MAGA
The concept is an abbreviation of Trump's slogan "Make America Great Again", and the price trend is closely related to Trump's poll numbers. Currently, there are quite a few Trump concept coins in the market, including Trump, Tremp, Fight, babytrump, etc., and the coin that has performed relatively well in the past two weeks is MAGA, while the prices of other coins have not risen as expected as Trump's chances of winning have increased, so if you believe Trump's chances of winning are high, MAGA is a relatively stable choice.
Current market cap: $101M
14-day price change: +83%
Upward momentum: Rises with Trump's chances of winning.
$KAMA
The full name of the token is Kamala Horris (with the 'a' changed to 'o'), which is a parody of the Democratic candidate Kamala Harris. It is worth mentioning that among the political MEME coins, there are many Trump concept coins, while there are very few Kamala Harris concept coins, which also reflects the political preferences of crypto users to some extent.
Current market cap: $7M
14-day price change: +13%
Upward momentum: Rises with Kamala Harris' chances of winning.
Important Events & Timelines for Political MEME Coin Speculation
Electors Chosen, Voting (11/5 & 12/16)
After the popular vote on November 5th to elect the electors, the electors from each state will gather on the "first Monday after the second Wednesday in December" (December 16, 2024) to vote for a set of presidential and vice presidential candidates based on the popular vote results in their state. So some say that this day is the real "US presidential election day".
US Presidential Election Results Announced (1/6/2025)
The joint session of the US Congress will officially announce the winner in early January of the following year. At that time, the members of the Senate and House of Representatives will meet together to verify and count the votes of the Electoral College, and officially announce the new President and Vice President. This process symbolizes the final confirmation of the election procedure and is the last step before the new government takes office.
Presidential Inauguration (1/20/2025)
The new President will be sworn in on January 20, 2025 and officially begin their term.
Conclusion: After the Election, a New Round Begins for the Crypto Market?
It can be foreseen that after the presidential election is over, the above MEME coins will have little speculative momentum, and the market sentiment will then return to the new president's attitude towards cryptocurrencies. Trump is clearly more friendly to crypto voters than Harris, and has recently announced that he will issue his own stablecoin. This is also one of the reasons why Trump's odds are so lopsided in Polymarket despite the close traditional polls.
Bitcoin's performance is currently strong, and if Trump is ultimately elected, it can be seen as a positive, although in the short term it may face pressure for a price correction, but if crypto-friendly policies are implemented over time, it will bring a more stable investment environment and long-term positive outlook for the overall market.
